We’re taking a look at the currency crosses today, brothas! See if you can get pips from EUR/AUD’s uptrend and a triangle situation on NZD/JPY. Check out these forex charts!
First up is a nice and simple uptrend on EUR/AUD. As you can see, the pair is lollygagging around the 1.5900 psychological handle, which is pretty much where the 100 and 200 SMAs AND the rising trend line are.
The pair is also sporting a bullish divergence on the 4-hour time frame, so you can bet yo momma’s cat that other bulls are already watching this one. Think the uptrend will stay alive for another day today?
Buying at the earliest signs of bullish momentum could get you a sweet reward-to-risk ratio especially if you aim for the previous highs near 1.6200.
If you’re one of them euro bears, though, then you could also wait for a break below the trend line before you attack. Just make sure you place a wide enough stop when trading volatile crosses like these!
With NZD/JPY’s triangle support holding for another day, the next question is when the pair will fall back down again.
The 78.00 psychological handle could give the bulls a run for their money, as it has proven to be a significant area of interest back in 2017. Of course, the pair could also revisit the big 80.00, which lines up with the descending triangle resistance on the chart.
Stochastic is about to hit overbought status, so some Kiwi bears could already be positioning their trades. How about you? Where do you think NZD/JPY is going over the next couple of trading sessions?